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The corporate-fund manager interface: objectives, information and valuation

Roberts, John; Sanderson, Paul; Hendry, John; Barker, … - ESRC Centre for Business Research - 2004

Fund managers are the primary investment decision-makers in the stock market, and corporate executives are their primary sources of information. Meetings between the two are therefore central to stock market investment decisions but are surprisingly under-researched. There is little in the...

Persistent link: https://www.econbiz.de/10005162865

The Impact on U.K. Acquirers of Domestic, Cross-border, Public and Private Acquisitions

Conn, Robert L; Cosh, Andy; Guest, Paul M; Hughes, Alan - ESRC Centre for Business Research - 2003

We examine the announcement and post-acquisition share returns of 4,000 acquisitions by U.K. public firms during 1984 …-1998. We include acquisitions of domestic and cross-border targets, and of both publicly quoted and privately held targets. In … acquisitions of domestic public targets, abnormal returns are negative over both the announcement and post-acquisition period. In …

Persistent link: https://www.econbiz.de/10005687949

Applying 'Comply-or-Explain': Conformance with Codes of Corporate Governance in the UK and Germany

Seidl, David; Sanderson, Paul; Roberts, John - ESRC Centre for Business Research - 2009

The comply-or-explain principle is a central element of most codes of corporate governance. Originally put forward by the Cadbury Committee in the UK as a practical means of establishing a code of corporate governance whilst avoiding an inflexible ‘one size fits all’ approach, it has since...

Persistent link: https://www.econbiz.de/10010614644

The Mechanism of Voting Efficiency

Schouten, M.C. - ESRC Centre for Business Research - 2010

In the wake of the financial crisis, shareholders are increasingly relied upon to monitor directors. But while much has been written about directors' flawed judgments, remarkably little is known about shareholders' ability to make accurate judgments. What determines whether shareholders make the...

Persistent link: https://www.econbiz.de/10010614650

Does Law Matter?: The Separation Of Ownership And Control In The United Kingdom

Cheffins, Brian - ESRC Centre for Business Research - 2000

The corporate world today subdivides into rival systems of dispersed and concentrated ownership, with different corporate governance structures characterising each. The United States and the United Kingdom fall into the former category and other major industrial countries tend to fall into the...

Persistent link: https://www.econbiz.de/10005162856

Are Good Managers Required for a Separation of Ownership and Control?

Cheffins, Brian R - ESRC Centre for Business Research - 2003

Logically, in a corporate governance system where big companies are widely held and control over corporate policymaking is delegated to a cohort of full?time executives, there needs to be “good” managers. In Britain, however, ownership separated from control in large business enterprises at...

Persistent link: https://www.econbiz.de/10005688021

Managerial Discretion and Takeover Performance

Cosh, A; Guest, P; Hughes, A - ESRC Centre for Business Research - 2001

We investigate the relation between long run takeover performance and board share ownership in the acquiring company for a sample of 142 UK takeovers completed between 1985-95. We find evidence of a non-linear relationship both between board ownership and takeover profitability, and between...

Persistent link: https://www.econbiz.de/10005813050

The Effect of Board Structure on Bidder-Shareholders' Wealth: Further Evidence from the UK Bidding Firms

Constantinou, Charalambos Th.; Constantinou, Costas Th. - ESRC Centre for Business Research - 2003

study it is documented that bidder-shareholder wealth is favoured in acquisitions where bidders have marginally more …

Persistent link: https://www.econbiz.de/10005162855

Shareholder Primacy and the Trajectory of UK Corporate Governance

Armour, John; Deakin, Simon; Konzelmann, Suzanne J. - ESRC Centre for Business Research - 2003

Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...

Persistent link: https://www.econbiz.de/10005687992

The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom

Guest, Paul - ESRC Centre for Business Research - 2007

We examine the impact of acquisitions on executive pay in UK acquirers over 1984-2001. For the overall sample, which … affected by target nationality or organizational form, although initial cross-border acquisitions do result in higher pay. Pay … increases are higher following acquisitions of targets with high pay, but not of targets in high pay countries. CEOs are …

Persistent link: https://www.econbiz.de/10005813000